There's a lot to like. There are also a couple big things that I absolutely hate. I'm going off the summary from TPM. I should note that this is NOT the report, merely a draft by the Chairmen to get the party started. Also, these are scattered thoughts, not a particularly cohesive (or well-written) conclusion.
Defense Cuts. Not as deep as I would like, but killing the F-35B and V-22 Osprey are both great moves. (Sorry, Marines, I know it's your birthday.) I have a hard time finding fault with the cuts, though I think they could have looked closer at the Navy. I'm also not sold on some of the pay freezes/cuts to soldiers. I think it would be more effective to fire more contractors and get soldiers to do their jobs. We pay a hell of a lot more for contractors than for our own troops.
Tax reform. Awesome. I would leave the EITC and ditch the rest. Unlike Ross Douthat, I dislike social engineering in the tax code, so the child tax credit isn't something I'm interested in saving. Killing the exemptions for mortgage interest, health insurance, and a crapton of other things is exactly in line with what I have advocated. I'm not a huge fan of their more extreme version flattening the tax code. Sure, eliminating tax expenditures means marginal rates can go down, but without the EITC this would amount to a tax increase on the poor, and either a tax cut or business as usual for the rich. Keeping the EITC would help with that. Upping the gas tax is a good idea, though I would prefer a straight carbon tax. The cap on tax revenue at 21% of GDP is a statement about size of government and not about the deficit. It should not be included. Have we not yet learned that reducing revenue doesn't reduce spending? Revenue should be adjusted to fit the appropriate level of spending. Picking arbitrary numbers is not the way to go.
Further cuts in Medicare. Not hugely convinced that they do a lot more than move the burden of payment slightly away from government and toward out of pocket expenditures, but it's better than nothing. Probably not enough to really take down the problem completely, but they seem to be relying on the IPAB for that.
Means-testing Social Security. I've called for this several times, so obviously I'm a fan. I'm not a fan, however, of raising the retirement age. I think further raising the cap on payroll taxes while leaving the retirement age where it is would be a better idea. I don't yet know what to think about changing the indexing of benefits from wages to inflation. The CBPP thinks it's a rather bad idea. But it does make sense to index it to prices, rather than wages, as the point of Social Security is to keep seniors out of poverty, not to be an actual pension. I'm not convinced that "seniors will get less than they otherwise would" is a valid reason to oppose this change. If it means benefits will drop to the point where they're no longer keeping seniors out of poverty, then I might object.
Other discretionary spending cuts. Eliminating earmarks, haha, ok, whatever, that won't change the deficit at all. Killing the Corporation for Public Broadcasting is fine, NPR will live on with ease. I'm very glad to see farm subsidies on here, they need to go. The generic cuts to public worker compensation and public jobs are a joke. Tell me what jobs and how compensation will change, then I'll get back to you. That's just a sop to the right. I do not agree with cutting funding for the State Department. If anything, some of that money saved at the DoD should go to Foggy Bottom, since they're more important to our foreign policy than Defense really is. Secretary Clinton is bolstering our ranks of FSOs in USAID and State, and that process should continue, as it is very important to our economic and military security.
Conclusion. If I had to give the package an up or down vote, I would vote for it. While much of it seems to have been written in the halls of AEI (or the less militant parts of Cato), many of the cuts are progressive. It seems to have been modeled after the austerity programs in the UK in many ways. The most regressive part is the raising of the retirement age and that's what I like the least. But I would choke that down in order to make all the other changes in the package.
It's too bad this package doesn't have a chance, because it would be a good start.